Popcat (CRYPTO: POPCAT) plunged nearly 50% from its intraday high, falling to $0.138 after a failed breakout above $0.21 triggered heavy profit-taking and renewed selling pressure.
Profit Taking Triggers Sharp Reversal
Popcat Price Dynamics (Source: TradingView)
The rejection near $0.21 marked heavy selling pressure along Popcat's long-term descending trendline from April.
The move erased most of the token's 40% rally today, signaling exhaustion among short-term buyers.
On the 30-minute chart, Popcat's structure turned bearish after a large reversal candle wiped out early gains.
The Supertrend flipped red near $0.194, confirming a shift in momentum as intraday sellers took control.
RSI dropped from overbought levels above 80 to 35, showing weakening demand and the potential for further correction.
Immediate support sits between $0.138 and $0.14, a zone formed earlier this week during prior accumulation.
A break below this range could expose the next key support near $0.12, where buyers may attempt to stabilize price.
$30 Million Long Liquidation Triggers Popcat Crash
According to on-chain data, a trader reportedly withdrew $3 million USDC (CRYPTO: USDC) from OKX and distributed it across 19 wallets, building an aggressive $30 million long position on Popcat near $0.21.
After removing a massive buy wall, the trader's position was liquidated within seconds, forcing Hyperliquid (HLP) to take over and close the trade manually.
The event led to a rapid 50% price drop and an estimated $4.9 million loss for HLP, highlighting the extreme leverage and manipulation risk in meme coin markets.
The liquidation also coincided with heightened volatility across smaller meme assets, amplifying Popcat's intraday collapse despite strong inflows earlier in the day.
Trendline Rejection Reinforces Bearish Bias
Popcat Price Action (Source: TradingView)
On the daily chart, Popcat remains trapped below its descending resistance line extending from the April high near $0.65.
The failed breakout coincided with the upper Bollinger Band and strong supply near $0.21, reinforcing it as a rejection point.
Despite briefly reclaiming the 20-day EMA at $0.145 and testing the 50-day EMA at $0.175, price failed to sustain both.
The inability to close above those moving averages keeps Popcat's broader structure bearish.
The next key support cluster lies between $0.122 and $0.138, a region where prior rebounds originated in October.
On-Chain Data Supports The Volatility
Popcat Netflows (Source: Coinglass)
Data from CoinGlass showed net inflows of $2.31 million on November 12, the highest since July.
As Shiba Inu (CRYPTO: SHIB) and Dogecoin (CRYPTO: DOGE) remain range-bound, momentum-driven participants continue to shift toward high-beta tokens like Popcat
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